IFRS standards use too many different terms to say how likely it is that an event will occur. And different people using IFRS Standards interpret those terms in different ways. Those clear messages appeared in a research report issued in 2016 by the Korea Accounting Standards Board (KASB) and Australian Accounting Standards Board (AASB). I… Continue reading Saying how likely something is: way forward
Month: August 2022
Those mushrooming effective date paragraphs
The IASB has a problem with effective date paragraphs. There are far too many of them and their number keeps growing. I believe it is time to find a better approach to writing these paragraphs. What does the IASB do now? When the IASB amends a standard, it also adds to that standard a paragraph… Continue reading Those mushrooming effective date paragraphs